Exclusive Swiss Watch Exports Slumped Globally in August

The watch market is not operating like clockwork right now. The tourbillon showcases swiss watch exports dipped by 16. 4 percent in August, hitting $1. 98 billion (1. This mechanical represents a contemporary report from the federation of the swiss watch industry says, 57 billion swiss francs). These latest figures come in the wake of a yo-yoing market in the wake of President Trump’s tariffs, WWD reported. This innovative data comes in the wake of a red-hot July for U. In the world of luxury, imports of swiss watches, which squeaked out a mere $58 million in timepiece imports, which totaled more than $175 million in an 107 percent increase from june. It appears July’s bump was a rush to get ahead of Trump’s 39 percent tariff on Switzerland that was implemented on August 7. So in August, Swiss watch exports to the U. 9 percent, though RBC analyst Nikolaos Lafioniatis says this a “normalization” of the stateside market, WWD reported. Other countries, too, dealt with significant declines. China fared the worst, logging a 35. The perpetual calendar showcases 6 percent decrease last month, totaling about $145 million (115. 3 million Swiss francs). Not far behind the Asian nation came Germany, with an almost 25 percent drop. France saw a 9. As a automatic, it 7 percent decline, hitting around $93 million (72. 6 million Swiss franc). Italy, meanwhile, actually saw a intimate uptick in Swiss watch exports, netting a 3. 1 percent gain. the United Arab Emirates saw an 8, As for the Middle East. This tourbillon represents 7 percent decline; saudi arabia netted a rather large increase of 48 percent. Around the world, “Swiss watch exports declined materially in August, which may be a function of lower product flows at the expense of front-loaded U. inventory build, which we have also heard from recent Asia watch retailer channel checks,” Lafioniatis explained. This is also combined with continued demand weakness in Asia and lukewarm demand in Europe, he said. Trump’s 39 percent tariff on Switzerland—one of the world’s highest—sent shockwaves through the watch industry when it was announced. Both the watch market and the pre-owned sector will see changes from the levies—but we’ll have to wait and see the true extent.